2024-03-15 08:30:00 ET
Summary
- It has been a year since the collapse of Silicon Valley Bank, which rocked the entire banking sector and presented astute investors with excellent opportunities.
- U.S. Bancorp, one of the more prudently managed large banks in the U.S., has recovered nicely, which begs the question, is USB stock still a good deal?
- In this update, I take a look at USB's performance in 2023, which was definitely a challenging year in light of the sharply risen interest rates and deteriorated depositor confidence.
- I'll also put U.S. Bancorp's CRE portfolio in context and share my views on its risk and the still heavily used Bank Term Funding Program.
- Finally, I'll give a valuation update and explain why I'm not currently adding to my position, but still think USB stock is worth a good look.
Introduction
It's been just over a year since the collapse of Silicon Valley Bank ( SIVBQ ) rocked the entire banking sector, sparking fears of a potential chain reaction triggered by a widespread run on banks amid mounting unrealized losses on some banks’ balance sheets....
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For further details see:
U.S. Bancorp Stock: Still A Good Buy A Year After The Crash?